For example they took on (a) floating-rate debt (instead of fixed rate which was more expensive but safer), (b) short-term debt (cheaper but then they ran into refinancing problems) and (c) high levels of debt (to try to juice projected returns rather than conservative levels which aren't as "exciting" to a certain type of investor).

Good Morning  BP,Rental Investors,There has been a lot of talk going around that rental interest is going to skyrocket due to multiple factors including high interest rates, the income relief program ending, and many foreclosures.Have you seen any changes in your properties?

They would each be putting in 200k each and I would be putting in 100k and would be responsible for all the property management, being paid by the other two on an hourly rate when responding to issues.

Sometimes it is a flat rate or its a percentage rate.

Time cost you money , time cost you lost opportunity , and not knowing what rates will do 6 months from now could cost you even more . 

We are under contract for our first out of state investment property, a triplex (three 2BR/1BA units) in Cleveland that will need some TLC if we want to raise the rent to market rates.

You will pay taxes on the profit at ordinary income tax rates. 

For example, maybe on a duplex you offer full price, but the Seller covers closing costs and buys down the interest rate, lowering your monthly expenses.

I don't want to miss a good opportunity but I am also ok being patient - just trying to get all my ducks in a row, so I have the knowledge if something does come along - our credit is 800+ and we have about 900k in equity in our home with a 3.625 interest rate. 

At this rate they probably won't resign with from what it sounds like but at least if you get everything fixed like it should, maybe they will see you are not a "slumlord" and decide to re-sign a 12 month lease.